We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Essential Innovations Technology Corporation (CE) | USOTC:ESIV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended July 31, 2013
|
||
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from ___________ to ___________
|
Commission File Number 000-10822
|
Essential Innovations Technology Corp.
|
||
(Exact name of registrant as specified in its charter)
|
Nevada
|
88-0492134
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
+852 2910-7828
|
||
(Registrant’s telephone number)
|
n/a
|
||
(Former name, former address and former fiscal year, if changed since last report)
|
þ
|
Yes
|
¨
|
No
|
þ
|
Yes
|
¨
|
No
|
Large accelerated filer
o
|
Accelerated filer
¨
|
Non-accelerated filer
o
|
Smaller reporting company
þ
|
¨
|
Yes
|
þ
|
No
|
Page
|
||
PART I—FINANCIAL INFORMATION
|
||
Item 1:
|
Financial Statements:
|
|
Unaudited Balance Sheets as at July 31, 2013, and
October 31, 2012
|
3 | |
|
||
Unaudited Statements of Operations for the
Three and Nine Months Ended July 31, 2013 and 2012
and for the period from commencement of development stage, November 1,
2009, to July 31, 2013
|
4 | |
|
||
Unaudited Statements of Cash Flows for the
Nine Months Ended July 31, 2013 and 2012
and for the period from commencement of development stage, November 1,
2009, to July 31, 2013
|
5 | |
Notes to Financial Statements (Unaudited)
|
6 | |
|
||
Item 2:
|
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
|
11 |
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
12 |
Item 4:
|
Controls and Procedures
|
12
|
PART II—OTHER INFORMATION
|
||
Item 2:
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
13 |
Item 5:
|
Other Events
|
13 |
Item 6:
|
Exhibits
|
13
|
Signatures
|
14
|
2013
|
2012
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 22,545 | $ | 146 | ||||
Total current assets
|
22,545 | 146 | ||||||
Intellectual property
|
260,068 | 260,068 | ||||||
Total assets
|
$ | 282,613 | $ | 260,214 | ||||
Liabilities and Stockholders' Deficiency
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 365,785 | $ | 343,420 | ||||
Accounts payable - related party
|
67,500 | 25,000 | ||||||
Accrued compensation
|
75,787 | 90,000 | ||||||
Amounts due to stockholders
|
75,585 | 7,645 | ||||||
Current portion of long term debt
|
491,299 | 491,299 | ||||||
Total current liabilities
|
1,075,956 | 957,364 | ||||||
Stockholders' Deficiency
|
||||||||
Preferred stock:
|
||||||||
$0.001 par value, authorized 10,000,000 shares,
|
||||||||
issued and outstanding nil shares (2012 - nil)
|
||||||||
Common stock:
|
||||||||
$0.001 par value, authorized 500,000,000 shares,
|
||||||||
issued and outstanding 18,852,445 shares (2012 - 17,332,445)
|
18,853 | 17,333 | ||||||
Additional paid-in capital
|
2,818,202 | 2,617,922 | ||||||
Accumulated deficit
|
(1,849,309 | ) | (1,849,309 | ) | ||||
Deficit accumulated during development stage
|
(1,781,089 | ) | (1,483,096 | ) | ||||
Total stockholders' deficiency
|
(793,343 | ) | (697,150 | ) | ||||
Total liabilities and stockholders' deficiency
|
$ | 282,613 | $ | 260,214 |
Three Months Ended July 31
|
Nine Months Ended July 31
|
cumulative from commencement of development stage,
November 1,
2009, to
July 31,
|
||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
2013 | ||||||||||||||||
Revenue
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Expenses:
|
||||||||||||||||||||
General and administrative
|
131,635 | 70,411 | 278,965 | 150,411 | 745,988 | |||||||||||||||
Marketing
|
- | - | - | 1,041,000 | 1,041,000 | |||||||||||||||
Total operating expenses
|
131,635 | 70,411 | 278,965 | 1,191,411 | 1,786,988 | |||||||||||||||
Loss from operations
|
(131,635 | ) | (70,411 | ) | (278,965 | ) | (1,191,411 | ) | (1,786,988 | ) | ||||||||||
Interest expense
|
(6,385 | ) | (6,383 | ) | (19,028 | ) | (19,011 | ) | (96,394 | ) | ||||||||||
Gain on debt forgiveness
|
- | - | - | 55,000 | 102,293 | |||||||||||||||
Net Loss
|
$ | (138,020 | ) | (76,794 | ) | $ | (297,993 | ) | (1,155,422 | ) | $ | (1,781,089 | ) | |||||||
Net loss per share
|
||||||||||||||||||||
Basic and diluted net loss per share
|
$ | (0.01 | ) | (0.00 | ) | $ | (0.02 | ) | (0.07 | ) | ||||||||||
Weighted average number of shares outstanding
|
||||||||||||||||||||
Basic and diluted
|
17,734,619 | 17,003,672 | 17,467,976 | 15,720,525 |
2013
|
2012
|
cumulative from commencement of development stage,
November 1,
2009, to
July 31,
2013
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss
|
$ | (297,993 | ) | $ | (1,155,422 | ) | $ | (1,781,089 | ) | |||
Adjustments to reconcile net loss for the period to
|
||||||||||||
net cash used in operating activities:
|
||||||||||||
Common stock issued to related parties for services received
|
- | 30,000 | 114,000 | |||||||||
Common stock issued for services received
|
57,800 | 1,048,500 | 1,226,300 | |||||||||
Options issued for services received
|
21,500 | - | 21,500 | |||||||||
Gain on forgiveness of debt
|
- | (55,000 | ) | (102,293 | ) | |||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts payable
|
22,365 | 9,011 | 8,755 | |||||||||
Accounts payable - related party
|
42,500 | 15,000 | 65,000 | |||||||||
Accrued expenses
|
- | - | 60,000 | |||||||||
Accrued compensation
|
85,787 | 60,000 | 259,787 | |||||||||
Net cash used in operating activities
|
(68,041 | ) | (47,911 | ) | (128,040 | ) | ||||||
Cash provided by financing activities:
|
||||||||||||
Proceeds received for common stock
|
22,500 | 35,000 | 57,500 | |||||||||
Advances from stockholders, net
|
67,940 | 21,250 | 93,085 | |||||||||
Net cash provided by financing activities
|
90,440 | 56,250 | 150,585 | |||||||||
Increase in cash during the period
|
22,399 | 8,339 | 22,545 | |||||||||
Cash at beginning of the period
|
146 | - | - | |||||||||
Cash at end of the period
|
$ | 22,545 | $ | 8,339 | $ | 22,545 |
●
|
Issued 70,000 shares of common stock for services with a fair value of $57,800.
|
●
|
Issued 1,000,000 shares of common stock as settlement of $100,000 of accrued remuneration.
|
●
|
Issued 450,000 shares of common stock for cash proceeds of $22,500.
|
Number of warrants
|
Exercise Price
|
Expiry
|
||||||||
66,494 | $ | 0.02 | 2050 |
Number of Options
|
Weighted Average Exercise Price
|
|||||||
Outstanding at October 31, 2012
|
500,000 | 0.25 | ||||||
Options issued
|
50,000 | 0.75 | ||||||
Outstanding at July 31, 2013
|
550,000 | $ | 0.30 |
Exercise Price
|
Number Outstanding at
July 31,
2013
|
Average Remaining Contractual Life (Years)
|
Number
Exercisable at
July 31,
2013
|
Intrinsic value
|
||||||||||||||
$ | 0.25 | 500,000 | 3.50 | 500,000 | - | |||||||||||||
$ | 0.75 | 50,000 | 1.75 | 50,000 | - |
●
|
On June 30, 2013 we issued 1,000,000 shares of common stock for the settlement of accrued remuneration with a fair value of $100,000.
|
●
|
On July 31, 2013 we issued 450,000 shares of common stock for cash proceeds of $22,500
|
●
|
On August 26, 2013 we issued 1,000,000 shares of common stock for services received with a fair value of $100,000
.
|
●
|
On May 6, 2013 we issued 50,000 shares of common stock for services with a fair value of $35,000
|
●
|
On May 7, 2013 we issued 20,000 shares of common stock for services with a fair value of $22,800
|
Exhibit Number*
|
Title of Document
|
Location
|
||
Item 31
|
Rule 13a-14(a)/15d-14(a) Certifications
|
|||
Certification of Principal Executive Officer and Principal Financial Officer
Pursuant to Rule 13a-14
|
Attached
|
|||
Item 32
|
Section 1350 Certifications
|
|||
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer) and (Chief Financial Officer)
|
Attached
|
|||
Item 101
|
Interactive Data File
|
|||
101
|
Interactive Data File
|
Attached
|
*
|
All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document.
|
Registrant
|
||
ESSENTIAL INNOVATIONS TECHNOLOGY CORP.
|
||
Date: September 13, 2013
|
By:
|
/s/ JASON MCDIARMID
|
Jason McDiarmid
|
||
President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director
|
||
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
|
||
1 Year Essential Innovations Te... (CE) Chart |
1 Month Essential Innovations Te... (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions